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Citi CEO Vows Cost-Cutting Success to Continue as Trading Slumps

  • Trading revenue falls about 5%, worse than analysts estimated
  • Yet expense reductions go $100 million deeper than projected
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Bloomberg’s Sonali Basak reports on earnings from Citigroup.Markets: The Open." (Source: Bloomberg)
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At Citigroup Inc., bean counting and boring banking are in ascendance. Trading, not so much.

The lender said it will continue to cut costs in the second half of the year after trimming more than analysts expected last quarter. That outlook helped the stock rebound from a deeper drop after disappointing trading results.